Executive condominiums (ECs) combine both private and public housing options. Built and sold by private developers, but supported by government subsidies.
At first, ECs are considered public property and must adhere to the same rules as HDB flats; but after eleven years they can become privatised and sold to wider pools of buyers including foreigners.
1. Convenience
Young families looking for an executive condo often prefer them because of the combination of luxury and affordability they provide, making starting out easier without being saddled with maintenance costs in the early years. Financial breathing room such as this allows a young family to focus on celebrating major life milestones such as welcoming a newborn into their lives or climbing the career ladder more comfortably.
ECs can be beneficial investments in Bukit Merah Singapore as they become fully privatised after 10 years and typically located in prime central locations with high property values. If you’re interested in buying one, ensure you meet certain eligibility conditions and can afford the costs before applying – use this EC Eligibility Calculator to work out your affordability!
2. Value for money
ECs offer many of the advantages of private condo living at a much more reasonable cost, while also appreciating over time, making them an attractive investment choice. Furthermore, many ECs qualify for housing grants to further lower costs when buying one.
However, if you intend to purchase an EC as your primary home, be aware that it is subject to HDB rules for its first ten years of ownership – this means you cannot sell or rent it out until its Minimum Occupancy Period (MOP) ends.
Once the MOP period ends, ECs become fully privatised and may be sold to Singapore Citizens or Permanent Residents at market value for a substantial profit.
3. Security
Executive condominiums (EC) are a hybrid form of housing popular among Singaporeans who surpass the income limits for HDB flats but cannot afford private apartments. Constructed and managed by private developers, ECs feature amenities like swimming pools, clubhouses, playgrounds and gyms as well as gated compounds with patrolled security measures for added peace of mind.
However, ECs start off as public housing and must abide by stringent government regulations for at least the first decade of ownership. Homeowners cannot rent out their units during this time and must commit to at least five-year minimum occupancy period before renting again.
If you are considering buying an EC for investment purposes, be sure to ask your real estate agent about eligibility requirements and MOP. A reliable agent can offer expert guidance as to the most suitable solution for you.
4. Flexibility
Government subsidies help keep EC prices lower by up to 20%-30% compared to private condos, with longer lease agreements than other properties and up to $30K available in family grants depending on income level.
However, ECs may not be suitable if you plan to leave within five years as you will have to meet a Minimum Occupancy Period before it becomes fully privatised and can be sold on the open market.
Deciding between regular condominium and executive condominium (EC) living can be difficult, but ultimately comes down to your lifestyle needs and preferences. To assist with making an informed decision, check out this executive condominium guide featuring everything you need from eligibility requirements and salary ceilings, to CPF housing grants and more!
5. Location
Are You Searching for Convenient Property Near Public Transport Hubs, Shopping Malls or Schools? Executive condos might be just what you are searching for; these properties typically are more cost effective than private condominiums with all their amenities included in one convenient package.
ECs are popular with middle-income home buyers looking for the condominium lifestyle without breaking their budget. They tend to be located in prime areas and feature luxurious amenities and facilities such as swimming pools and gyms.
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If you’re planning to purchase an Executive Condominium (EC), make sure that you meet all eligibility requirements before doing so. These include being a Singapore citizen with an annual household income below $16,000 and no existing properties here or overseas; plus agreeing to a minimum occupancy period of five years.